Petrobras — Form 20-F do exercício de 2014 (demonstrações auditadas, nota 3 sobre a Lava Jato)

In the 2014 20-F (May 2015), Petrobras reported that the plan then being prepared could reflect a reduction in investments and delays in production targets relative to the 2014–2018 plan, citing the fall in Brent, the depreciation of the real, and the effect of the Lava Jato investigations.

Excerpt: “may reflect a reduction of our capital expenditures”

Source: Petrobras — Form 20-F do exercício de 2014 (demonstrações auditadas, nota 3 sobre a Lava Jato) — Petróleo Brasileiro S.A. — Petrobras (SEC), May 15, 2015 · Item 5 – Trends · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

Limitations: The company lists the factors without quantifying the share of each.

For 2015, Petrobras attributed the limitation of its investments to the drop in expected oil revenues, the devaluation of the real, and limited access to debt capital largely because of the Lava Jato investigation, and reported having decided to postpone projects affected by difficulties of contractors or by the lack of qualified suppliers in Brazil.

Source: Petrobras — Form 20-F do exercício de 2014 (demonstrações auditadas, nota 3 sobre a Lava Jato) — Petróleo Brasileiro S.A. — Petrobras (SEC), May 15, 2015 · Item 5 – Liquidity and Capital Resources (2015 outlook) · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

Limitations: The company's own attribution; it does not separate how much of the postponement results from each cause (oil price, exchange rate, indebtedness, suppliers).

The first refining unit of RNEST (Abreu e Lima) began producing fuels in December 2014 with partial capacity of 74 thousand bpd (design capacity of 115 thousand bpd).

Source: Petrobras — Form 20-F do exercício de 2014 (demonstrações auditadas, nota 3 sobre a Lava Jato) — Petróleo Brasileiro S.A. — Petrobras (SEC), May 15, 2015 · Item 4 – Refining, Transportation and Marketing: Major Refinery Projects · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

In the 2014 20-F, Petrobras reported having postponed for a prolonged period the completion of Comperj and the second refining unit of RNEST, and recorded impairment losses of US$11.7 billion on the two projects in fiscal year 2014.

Source: Petrobras — Form 20-F do exercício de 2014 (demonstrações auditadas, nota 3 sobre a Lava Jato) — Petróleo Brasileiro S.A. — Petrobras (SEC), May 15, 2015 · Item 4 – Suspended Major Refinery Projects · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

Limitations: In dollars; in reais, 4Q14 reports R$30.976 billion for domestic refineries.

Petrobras explained that the postponements of Comperj and RNEST-2 were measures to preserve cash and a response to the difficulties the Lava Jato investigation created for suppliers, and attributed the losses mainly to project planning deficiencies, a higher discount rate (risk premium of the stalled project), delays in expected cash inflows, and lower projected economic growth.

Excerpt: “measures to preserve cash and in response to the difficulties created for our suppliers by the “Lava Jato” investigation”

Source: Petrobras — Form 20-F do exercício de 2014 (demonstrações auditadas, nota 3 sobre a Lava Jato) — Petróleo Brasileiro S.A. — Petrobras (SEC), May 15, 2015 · Item 5 – Impairment of Assets (2014); same explanation in the 4Q14 statement, item 'domestic refineries' · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

Limitations: Company attribution. It mixes management causes (planning, postponement to preserve cash), market/macro causes (discount rate, growth), and the effect of the investigation on suppliers; it does not quantify each share.

In January 2015 Petrobras's Board decided not to proceed with the Premium I and Premium II refineries (northeast), because the assumptions and conditions of the 2014–2018 plan were not met, and wrote off US$1.24 billion in 2014 for the cancellation.

Excerpt: “because the assumptions and conditions in our 2014-2018 Plan were not met”

Source: Petrobras — Form 20-F do exercício de 2014 (demonstrações auditadas, nota 3 sobre a Lava Jato) — Petróleo Brasileiro S.A. — Petrobras (SEC), May 15, 2015 · Item 4 – Suspended Major Refinery Projects; note 12.4 to the statements · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

Limitations: The company does not cite Lava Jato as a cause of the Premium cancellation.

The 2014 20-F describes that the contracts for rigs to be built in Brazil, to meet local content requirements, were awarded to Sete Brasil S.A., a company in which Petrobras held a 5% stake.

Source: Petrobras — Form 20-F do exercício de 2014 (demonstrações auditadas, nota 3 sobre a Lava Jato) — Petróleo Brasileiro S.A. — Petrobras (SEC), May 15, 2015 · Item 4 – Exploration and Production: drilling rigs · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

Limitations: The 2015 20-F also lists a stake in FIP Sondas; consolidated total percentage not checked.

In the 2014 20-F, impairment losses totaled US$16.823 billion: domestic refineries US$11.662 billion, E&P assets US$3.766 billion (lower oil prices), and petrochemicals US$1.121 billion.

Source: Petrobras — Form 20-F do exercício de 2014 (demonstrações auditadas, nota 3 sobre a Lava Jato) — Petróleo Brasileiro S.A. — Petrobras (SEC), May 15, 2015 · Item 5 – Impairment of Assets · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

Limitations: Audit of October 24, 2026: the total of US$16.823 billion was confirmed; the amounts by segment (11.662 / 3.766 / 1.121) were not located in the reopened text, and their sum (16.549) is less than the total. The text read cites about US$11.7 billion for Comperj and RNEST-2.

According to Petrobras, based on testimony in criminal investigations that became available starting in October 2014, senior company personnel, contractors, and suppliers formed a cartel from 2004 to April 2012 that overbilled asset acquisition contracts; two directors and one executive manager, all departed since April 2012, were allegedly involved.

Source: Petrobras — Form 20-F do exercício de 2014 (demonstrações auditadas, nota 3 sobre a Lava Jato) — Petróleo Brasileiro S.A. — Petrobras (SEC), May 15, 2015 · Explanatory Note; Item 3 – Risk Factors; note 3 to the statements · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

Limitations: Company description based on testimony; it is not a court decision. The 20-Fs do not name everyone in the passage.

Petrobras recorded that Paulo Roberto Costa (former Supply director) was arrested in March 2014 and later indicted for money laundering and passive corruption, and that Renato Duque (former Services director), Nestor Cerveró (former International director), and Pedro Barusco (former executive manager of Services) had been or were expected to be indicted.

Source: Petrobras — Form 20-F do exercício de 2014 (demonstrações auditadas, nota 3 sobre a Lava Jato) — Petróleo Brasileiro S.A. — Petrobras (SEC), May 15, 2015 · Note 3 to the statements – The Lava Jato Operation · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

Limitations: Company record from May 2015; an indictment is an accusation, not a conviction. The current procedural status of each one was not verified in this version of the archive (see pending items in the report).

The 2014 20-F reports that, as a consequence of Lava Jato, several Brazilian contractors and suppliers were unable to obtain financing and faced liquidity and bankruptcy concerns that could affect their continuity as key suppliers; the company also cited the scarcity of qualified contractors and suppliers.

Source: Petrobras — Form 20-F do exercício de 2014 (demonstrações auditadas, nota 3 sobre a Lava Jato) — Petróleo Brasileiro S.A. — Petrobras (SEC), May 15, 2015 · Item 3 – Risk Factors (suppliers); note 14 (circumstances of the impairment test) · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

Limitations: The company's risk statement; it does not identify companies or quantify the impact on each project. The 20-F does not separate the effect of the precautionary blocking from the effect of the lack of credit.

The 2014 20-F reports that total debt rose 16%, from US$114.236 billion (December 31, 2013) to US$132.086 billion (December 31, 2014), and net debt of cash and securities from US$94.483 billion to US$106.108 billion, and that debt has grown since 2010 because operating cash flow did not cover investments, debt service, and dividends.

Source: Petrobras — Form 20-F do exercício de 2014 (demonstrações auditadas, nota 3 sobre a Lava Jato) — Petróleo Brasileiro S.A. — Petrobras (SEC), May 15, 2015 · Item 3 – Risk Factors (indebtedness) · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

Limitations: The risk-factor definition (net debt of cash, equivalents, and marketable securities) differs slightly from the capital management note (US$106.201 billion). It predates the amounts revealed by Lava Jato: the company records growing indebtedness since 2010.

The 2014 20-F reports that Brent had a low of US$55.76, a high of US$115.00, and an average of US$98.91 per barrel in 2014, with a sharp fall in the second half due to oversupply.

Source: Petrobras — Form 20-F do exercício de 2014 (demonstrações auditadas, nota 3 sobre a Lava Jato) — Petróleo Brasileiro S.A. — Petrobras (SEC), May 15, 2015 · Item 5 – Trends · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026